House prices posted first double-digit gain since 2006 in first quarter

Thursday, August 01, 2013 2:54 PM

House prices increased 10.2 percent during the first quarter of the year, according to a report from real estate analytics firm CoreLogic Inc. The double-digit gain would be the first since the peak of the housing bubble in 2006, according to a news release. The CoreLogic Case-Shiller indexes also predict that price appreciation will begin to decelerate next year, as rising home prices and mortgage interest rates erode affordability and demand and supply become more balanced. "As more homeowners consider selling their homes to lock in capital gains, including many who had negative equity until the recent surge in home values, upward pressure on prices will subside," the release said.